273.620 Release or modification of restrictions on management, investment, or
356 words·~2 min read·
/ky/273-620A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
purpose.
(1)If the donor consents in a record, an institution may release or modify, in whole or
in part, a restriction contained in a gift instrument on the management, investment,
or purpose of an institutional fund. A release or modification may not allow a fund
to be used for a purpose other than a charitable purpose of the institution.
(2)The court, upon application of an institution, may modify a restriction contained in
a gift instrument regarding the management or investment of an institutional fund if
the restriction has become impracticable or wasteful, if it impairs the management
or investment of the fund, or if, because of circumstances not anticipated by the
donor, a modification of a restriction will further the purposes of the fund. The
institution shall notify the Attorney General of the application, and the Attorney
General shall be given an opportunity to be heard. To the extent practicable, any
modification shall be made in accordance with the donor's probable intention.
(3)If a particular charitable purpose or a restriction contained in a gift instrument on
the use of an institutional fund becomes unlawful, impracticable, impossible to
achieve, or wasteful, the court, upon application of an institution, may modify the
purpose of the fund or the restriction on the use of the fund in a manner consistent
with the charitable purpose expressed in the gift instrument. The institution shall
notify the Attorney General of the application, and the Attorney General shall be
given an opportunity to be heard.
(4)If an institution determines that a restriction contained in a gift instrument on the
management, investment, or purpose of an institutional fund is unlawful,
impracticable, impossible to achieve, or wasteful, the institution, sixty
(60)days
after notification to the Attorney General, may release or modify the restriction, in
whole or part, if:
(a)The institutional fund subject to the restriction has a total value of less than
fifty thousand dollars ($50,000);
(b)More than twenty
(20)years have elapsed since the fund was established; and
(c)The institution uses the property in a manner consistent with the charitable
purposes expressed in the gift instrument.